If you are self-employed or own a business, you are going to have tax returns to complete every year. This is often a time in the year that a lot of people dread since it means getting out all of your records and crunching numbers.
In particular, there are two ways that you can submit your tax returns. You can do this process online or choose to file a paper tax return. The majority of businesses are now choosing to do this electronically. A lot of them find it easier and there is a longer date for submission of electronic tax returns. But, this does not mean that paper tax returns are obsolete. There are still businesses that choose to do this way.
Are you thinking of submitting your tax returns on paper? Here is a guide on paper tax returns and how accounting services can help you with the process.
What you Need to Know About Paper Tax Returns
There are a lot of people that work better when they write and work on paper. While this is often viewed as a traditional way of working, there are still people that believe that this is the best way to do things. In particular, some choose to submit paper tax returns. If this is an option you are considering, there is a lot of important information you will have to learn first.
In particular, you need to be aware of when the deadline is for submitting paper returns. Indeed, this is going to be before electronic submission. Namely, you are going to have until 31st October 2021 to submit your tax returns. Note that your tax bill still has to be paid by the 31st of January 2022. But, paper returns have to be in before this date.
There is no doubt that HMRC would prefer you to submit your tax returns online. Indeed, they have stopped sending out paper returns automatically. But, you can choose to download from the government website and fill them in. HMRC is aware that some people cannot file online and there are going to be limited circumstances where they will post out tax returns.
When it comes to filling out paper tax returns, you will have to do this meticulously and without error. This is going to include entering your personal details, as well as a summary of your income. In particular, you will need to list your income and any tax relief available to you. do not forget that you have to sign your paper tax return.
Something that is important to realize is that if you do miss the deadline, you can still choose to send your return online. This is a good way to avoid having to pay a penalty for making a late submission. The date for online tax returns is much later than for paper ones. So, you can take advantage of this. The deadline for online submissions is 31st January 2022.
How Accounting Services Can Help with Tax Returns
If you are new to filing your own tax returns, it can be a complicated process. There are a lot of calculations to make and there is no room for error. HMRC does not take into account that you are new to completing paper tax returns. Instead, you will be penalized for making mistakes.
This is one of the reasons why individuals and businesses have turned to account services. They are able to receive professional advice and expert help to file their tax returns.
It does not matter whether you plan on completing paper tax returns or submitting them electronically, an experienced professional can take care of this for you. You can enjoy peace of mind and know that they understand the process and what is required for submitting them correctly.
What’s more, you can gain a lot of time back from hiring accounting services. You can leave the experts to take care of your returns for you, which is going to leave you with a lot more time to complete other tasks and focus on growing and managing your business.
Plus, it removes the stress from knowing that the tax deadline is looming. Of course, accounting services make sure that you are always kept in the loop. You will know when they have been submitted and you can be updated on what all of the figures are. This means you will still know all about your finances and the amount of tax you will be paying moving forward.
Bonus reading: Tax should be filed on time. Read on, our opinion over this matter, if you don’t. Click the link.